portefeuille (99.70)

Ellipsis

4

relative change for the stocks that are the objects of "outperform" calls made here before 08/07/09.

(dividends not included. this is the relative change for the period starting at the time the call was made and ending 08/07/09 4 p.m. ET. so this is performance, not outperformance measured against the benchmark. there may be errors in the list)

As "caps" game player that had made these "outperform" calls would currently have about 35000 score points and an "accuracy" of ca. 85% (I have not calculated these numbers, just a wild guess). A "real" "caps" game player could not have some of these calls due the $1.50 rule, the $100M rule and the U.S. only rule. And if more than 200 calls would have survived these rules the next problem would have been the 200 active calls rule.

bravobevo currently has 20700.77 score points and an "accuracy" of 84.13%.

Leerink Swann is out very positive on Human Genome Sciences (NASDAQ:HGSI) raising their 12-month target on the name to $30 (prev $16).

Bottom Line: Leerink's statistical power analysis confirms an ~85% likelihood of success for BLISS-76 data in November. They considered the major factors which could influence p-value via effect size and variability in the context of past results for Benlysta in BLISS-52 and Phase II. Reiterate Outperform, raising 12-month fair value to $30 from $16.

As shown by the tables within, 67 of the 80 (84%) most likely combinations of response rates and standard deviation included in Leerink's sensitivity analysis would produce statistically significant (p<0.05). They believe BLISS-76 has been derisked after BLISS-52 results since the major difference between the two trials is geography, and the patient population in BLISS-76 (US & EU) is more similar to the Phase II trial which was data mined in order to design Phase III.

An 8% response rate delta between Benlysta and placebo on the primary endpoint would be statistically significant in BLISS-76 if the same standard deviation as seen in BLISS-52 occurs. Furthermore, a 9% delta would be sufficient at all standard deviations analyzed. Recall that Phase III (10mg/kg), Phase III (1mg/kg), and Phase II showed deltas of 14%, 8%, and 17%, respectively. At the lowest standard deviation analyzed, even a 6% delta in response rates would achieve a p=0.042.

Standard deviation should not be that different in BLISS-76 as compared to BLISS-52. HGSI appears to have done a good job controlling for most of the factors which may cause variability, judging by the consistent standard deviations seen in Phase II and BLISS-52. On the one hand, lupus patients in North America and Western Europe (BLISS-76) may be more uniformly treated than in Asia, Latin America and Eastern Europe (BLISS-52); however, this may be offset by more genetic heterogeneity in the BLISS-76 population vis a vis BLISS-52.

Placebo response rate could be lower in BLISS-76, allowing an easier separation in the curves due to effect size. Studies done in the U.S. and Western Europe frequently show less of a placebo effect due to better care overall and less pronounced effect from entering studies.

Notablecalls: $30 from Leerink Swann is the new Street high for the stock. This should send the stock higher, testing for another breakout following ThinkEquity's upgrade a week ago. It's quite clear positive momentum ahead of the BLISS-76 data release in November is building.

Now that Leerink Swann, one the premier biotech houses is calling the trial a ~ 85% success, the stock should take off from here. Note that by many, Leerink is considered to be the Axe in HGSI.

Leerink was very positive on HGSI ahead of the BLISS-52, which sent the shares up 500% (!) in the March-July timeframe.

I suspect the stock will trade over $15 level today...reaching $15.50 (again) and possibly surpassing it.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Javelin Pharmaceuticals, Inc. (NYSE Amex: JAV - News) today described its initial review of top line results from a Phase III study of Ereska™ (intranasal ketamine 30mg). This randomized, multicenter, double-blind, 1:1 placebo-controlled study assessed the safety and analgesic efficacy of repeated doses of Ereska over 6 hours in 259 patients with acute moderate-to-severe pain following orthopedic surgery.The predefined primary outcome measure for this trial was the summary of pain intensity differences over a 6 hour period after initial drug dosing (SPID-6). The baseline- and site-adjusted means (plus or minus standard errors) for SPID-6 were 78.2 ± 12.4 for the Ereska group and 47.9 ± 12.3 for the placebo group, yielding a borderline P-value of 0.053. (The standard for statistical significance in pivotal clinical trials is a P-value of 0.05 or less.) Having had only a brief period of time to review select data from the trial, our initial assessment is that a high degree of intersubject variability likely impacted the P-value of the primary endpoint. In addition, certain clinically relevant secondary endpoints that we have been able to review so far, including patient global evaluations, were statistically significant in favor of Ereska.Ereska was generally well tolerated in the trial. Of particular note, the incidences of psychological side effects were equal to or less than 3% in subjects given Ereska and were typically mild and transient.The Company will thoroughly examine all aspects of this trial. In a recent interaction with the FDA, prior to the availability of this trial’s initial data, the Division offered to review the results of this study.“Low, subanesthetic doses of ketamine are increasingly described by pain specialists as a useful alternative for pain control. The present trial provides additional valuable experience with intranasal ketamine for pain control. My colleagues and I will carefully review this data and the results of our earlier trials of Ereska as we proceed with the development of this novel product candidate,” stated Javelin’s Chief Medical Officer, Daniel B. Carr, MD.About the StudyThe study’s primary measure of efficacy was the Sum of Pain Intensity Differences over 0-6 hours in patients who received Ereska compared to those who received placebo (SPID-6). Pain intensity was recorded postoperatively just before treatment with Ereska or placebo. Pain intensity and pain relief were then recorded at 5, 10, 20, 30, 45 minutes and 1, 2, 3, 4, 5, and 6 hours after initiation of treatment.Secondary measures of efficacy for the study included pain intensity differences (PID) at each scheduled evaluation time, pain relief at each scheduled evaluation time, the proportion of patients attaining meaningful (at least 30%) reduction in pain intensity, times to perceptible and meaningful pain relief, time to first administration of rescue medication and quantity of rescue medication consumed, and patient global evaluation of treatment.About EreskaKetamine has been widely used for decades with well-recognized safety and effectiveness when given at high doses to induce and maintain general anesthesia. Javelin is developing Ereska, a proprietary formulation of ketamine, for intranasal delivery at doses well below those used for general anesthesia, as an analgesic for acute pain. Ketamine belongs to a nonopioid drug family known as NMDA receptor antagonists, that show potential as analgesics when given alone or to augment analgesia from opioids such as morphine. Javelin believes that Ereska may offer a safe, non opioid alternative for the treatment of moderate-to-severe acute pain.Prior randomized, double-blind, placebo-controlled, phase II clinical studies of Ereska have demonstrated rapid, statistically significant relief of moderate-to-severe acute postoperative pain after dental surgery and cancer breakthrough pain. These study results have been published in peer-reviewed journals (Christensen et al, Acute Pain 2007; 9: 183-192; and Carr et al, Pain 2004; 108: 17-27), and presented at meetings of the American Society for Clinical Pharmacology and Therapeutics, the American Society of Clinical Oncology, and in a plenary session of the Advanced Technology Application for Combat Casualty Care. The U.S. Department of Defense has supported the development of Ereska as a fast-acting, noninvasive alternative to morphine for treatment of combat-related injuries.On June 4, 2008, Javelin was awarded a patent in the European Union that extends patent protection for ERESKA into 2023. European Patent No. 1 562 566 B1, entitled: "Analgesic Compositions Comprising NMDA Receptor Antagonists and Benzalkonium Chloride," offers broad protection in the major EU market countries (G5) as well as in over twenty additional Member States of the European Patent Convention. This new patent is the European counterpart to Javelin's U.S. Patent No. 7,273,889 that issued in September, 2007.About JavelinWith corporate headquarters in Cambridge, MA, Javelin applies innovative proprietary technologies to develop new drugs and improved formulations of existing drugs to target unmet and underserved medical needs in the acute pain management market. The Company has one marketed drug in the UK and three drug candidates in US Phase 3 clinical development. For additional information about Javelin, please visit the Company's website at http://www.javelinpharmaceuticals.com.Forward Looking StatementThis news release contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made, including today’s initial study results. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation, our ability to obtain working capital, our ability to successfully develop and commercialize drug candidates, and competition from other pharmaceutical companies.JAV-G-------------------

Last week, Joseph Yam, the head of the Hong Kong Monetary Authority, said there were risks of an asset bubble from surging money flow. In a city-state that lives by the pulse of the stock market, the surprise was that Yam's comment was relegated to the inside business pages of the leading English daily -- the South China Morning Post. Forget bear-market rallies, the hot story now is the new issues bonanza. But should these warnings get more attention?

One explanation for the remarks is that Yam is being extra vigilant in the remaining couple of months before he steps down as Hong Kong's de facto central banker. He can retire with a catch all get-out: "Don't say I didn't warn you."

But his warnings are coming thick and fast.

Back in February, he was telling local legislators to brace for Financial Tsunami, Part II. By May, he had switched his attention from a credit crunch to warning about an asset bubble. To be fair, in that period the Hang Seng Index also underwent a major turnaround, rising from 11,000 in March to 17,000 in May, and are now north of 20,000.

This time he highlighted that Hong Kong's monetary base -- formed by notes in circulation, the aggregate balance of the banking system, and Exchange Fund paper -- more than doubled to 771 billion Hong Kong dollars ($99.5 billion) at the end of last month from 324 billion Hong Kong dollars a year earlier. His concern is this surge in hot money inflows.

"We are mindful of the potential negative impact that asset-price bubbles, if they were to occur, could have on financial stability," he said.

The problem is that after such a large come-back in property and stock values in Hong Kong, prices could reverse if these liquidity inflows suddenly retreat.

But Yam can do little to stop bubbles forming. Thanks to the 26-year-old Hong Kong dollar peg, Hong Kong must follow U.S. interest rates and the level of the greenback. If as many predict, the U.S. dollar is heading lower, the Hong Kong dollar must follow.

If we go back to March when Yam made his first warning about money inflows and bubbles, he was hardly helped by HSBC (HK:586.00, -0.40, -0.46%) (HBC54.33, -1.02, -1.84%), the dominant local bank. It responded to its swelling deposit base by slashing its deposit rate by 90% to 0.001%, effectively pouring fuel on the fire.

Lending rates are also at rock bottom. The continually low Hibor rates -- the three-month at 0.20% last week -- mean incredibly cheap mortgage loans. In addition to low Hibor base mortgages, banks are offering effective mortgages as low as 1.9% to 2.5%, thanks to big discounts from prime.

This time, Yam says he can take new measures to command banks to restrict their lending, perhaps borrowing a trick from China's unorthodox monetary tactics.

Still, taking a step back, this Hong Kong situation all does seem rather an anomaly. In much of the rest of the world, central bank chiefs are turning themselves blue in the face exhorting banks to lend.

Given the number of bubble cycles Hong Kong has been through in its recent past, few expect a serious policy effort to stop it.

The government, after all, is arguably the biggest bubble speculator in town, as it owns the largest land-bank. It is as keen to sell at the top of the market as any developer tycoons.

But for many businesses and the wider population who are not hooked or skilled at asset trading, living in the manic state of a perennial bubble economy is a pain. One year, the worry is run-away prices -- six months later it's deflation. Now it's back again to rising prices. The upshot is everyone from a sole trader to a school teacher needs the savvy of a Wall Street trader to navigate living in this rollercoaster economy.

To question if this economic model is sustainable, we must come back to the Hong Kong dollar peg itself. Last week speculation mounted that money inflows are merely betting on the currency re-pegging higher against the dollar, rather than any particular asset class, after currency forward rates moved higher.

The consensus is that we would need a much bigger, more serious bubble before meddling with this sacred cow. But perhaps we are nearer to that endgame than many think.

Press Release Source: QIAGEN N.V. On Monday August 10, 2009, 4:01 pm EDT * 19% Revenue Growth on Constant Exchange Rates* 12% Organic Growth* $0.24 Adjusted EPS, exceeds guidanceVENLO, The Netherlands, Aug. 10, 2009 (GLOBE NEWSWIRE) -- QIAGEN N.V. (Nasdaq:QGEN - News; Frankfurt:QIA - News) today announced the results of operations for the second quarter and the six-month period ended June 30, 2009.The reported net sales came in at the high end of, and the adjusted earnings per share for the second quarter 2009 exceeded, the guidance provided by the Company on May 5, 2009.Second Quarter 2009 Results

---------------------------------------------------------------------QIAGEN's Second Quarter 2009 (in US$ millions, except per shareinformation)---------------------------------------------------------------------Q2 2009 Q2 2008 Growth---------------------------------------------------------------------Net sales 240.2 217.9 10%Net sales at constant exchange rates 258.2 217.9 19%Operating income, adjusted 71.8 60.6 19%Net income, adjusted 48.3 40.4 19%EPS, adjusted (US$) 0.24 0.20 20%---------------------------------------------------------------------For information on the adjusted figures, please refer to thereconciliation table accompanying this release.The Company reported that consolidated net sales for its second quarter 2009 increased 10% to $240.2 million from $217.9 million in the same quarter in 2008. Excluding the unfavorable impact from foreign currency exchange rates, net sales for the second quarter 2009 would have increased 19%. The reported operating income for the quarter increased 38% to $46.9 million from $34.0 million in the same quarter of 2008, and net income for the quarter increased 33% to $30.9 million from $23.2 million in the same quarter of 2008. Diluted earnings per share for the second quarter increased 36% to $0.15 in 2009 from $0.11 in 2008.On an adjusted basis, second quarter operating income increased 19% to $71.8 million in 2009 from $60.6 million in 2008, and second quarter 2009 adjusted net income increased 19% to $48.3 million from $40.4 million in 2008. Adjusted diluted earnings per share increased 20% to $0.24 in the second quarter 2009 from $0.20 in 2008.Six-Month Period 2009 ResultsFor the six-month period ended June 30, 2009, net sales increased 8% to $461.1 million compared to $425.0 million in the respective period of 2008. Operating income as reported for the six months ended June 30, 2009 increased 25% to $83.9 million from $67.0 million for the same period in 2008. Net income increased 28% to $55.6 million from $43.6 million in 2008, and diluted earnings per share increased 29% to $0.27 in 2009 from $0.21 in 2008.On an adjusted basis, operating income for the six-month period ended June 30, 2009 increased 10% to $130.9 million in 2009 from $119.4 million in 2008, and adjusted net income increased 14% to $88.5 million from $77.4 million. Adjusted diluted earnings per share in the six months ended June 30, 2009 increased 16% to $0.44 per share from $0.38 per share in the same period of 2008.QIAGEN's second quarter and first half 2009 results include the results of operations from the Company's recent acquisitions, the most significant of which was Corbett Life Science, acquired in July 2008. Reconciliations of reported results determined in accordance with generally accepted accounting principles (GAAP) to adjusted results are included in the tables accompanying this release."We are very pleased with our financial performance in the second quarter of 2009," said Peer Schatz, QIAGEN's Chief Executive Officer. "We saw strong revenue and adjusted net income growth. The markets we serve demonstrated robust demand and solid economic trends. Our growth opportunities are very significant -- in particular in the molecular diagnostics and applied testing markets -- and we feel well positioned and equipped to convert these trends and opportunities into significant value for QIAGEN and our shareholders."We experienced strong revenue growth for QIAGEN in the second quarter of 2009 and maintain a positive outlook. Growth was highest in sales to customers in molecular diagnostics (approximately 48% of total revenues) followed by sales to customers in applied testing, in academia, and pharma."Growth of our sales to customers in molecular diagnostics was fueled by strong growth in sales of our screening products (primarily HPV), personalized medicine diagnostics (including our KRAS testing solutions) and infectious disease tests (including our solutions for the surveillance of H1N1 infections). The development of our Next Generation high throughput screening system with the related assays is well on track with clinical trials expected to start in several weeks. We are also very excited about the future growth opportunities especially in companion diagnostics after recent recommendations by regulatory agencies and are experiencing a significant level of activity in this area of our business. Sales to customers in the pharmaceutical and biotech industry conducting clinical development continued to experience strong growth and sales to such customers for discovery purposes (under 10% of our sales) were, as expected, soft. We are very optimistic about the potential growth in the academic research markets following the American Recovery and Reinvestment Act (ARRA) and other international stimulus programs as well as further governmental long-term funding increase commitments. QIAGEN is active in numerous initiatives to support its customers to benefit from both the short-term stimulus programs and from the planned long-term funding increases.""QIAGEN experienced a successful second quarter. Reported revenues came in at the high end of, and adjusted earnings per share exceeded our expectations," said Roland Sackers, QIAGEN's Chief Financial Officer. "Assuming constant exchange rates for both quarters revenue growth would have been 19% and was fueled by a strong organic growth of 12% and a positive contribution of 6% from acquisitions. Our consumable portfolio contributed 5% growth (12% at constant exchange rates). In the wake of new product introductions (such as the QIAsymphony, the QIAgility, the EZ1 Advanced XL and the Rotor-Gene Q) beginning this year, QIAGEN's sales of instrumentation products recorded a growth rate of 66% (83% at constant exchange rates). Net sales in the Americas for the second quarter 2009 represented approximately 50% of our overall business and recorded a growth rate of 14% at constant exchange rates and European sales, which represent approximately 35% of our revenues, showed a similar growth rate of 14% at constant exchange rates. Net sales in Asia remained strong, showing a growth rate of 43% at constant exchange rates."Increase of Fiscal Year 2009 Guidance RangeBased on the successful first six months and an optimistic outlook for the rest of the year, QIAGEN is hereby increasing its revenue and EPS guidance for the fiscal year 2009. Revenue guidance is increased from the previous range from $920 million to $970 million (which included approximately $10 million of revenues related to the Olerup product line sold end of June 2009) to now between $930 million and $970 million post-divestment of the Olerup product line for the fiscal year 2009. Under constant exchange rates, revenue expectations for 2009 would show growth rates between 11% and 16% when compared to 2008. QIAGEN also increased its expectations for adjusted diluted earnings per share from the previous range of $0.88 to $0.94 to now between $0.90 and $0.94. As always, the revenue and EPS guidance is based on foreign currency exchange rates as of January 31, 2009.QIAGEN - Sample and Assay Technologies Highlights

* In August 2009, QIAGEN acquired Explera s.r.l., a leadingsupplier in molecular diagnostics and personalized medicine inItaly. With this acquisition QIAGEN is doubling the size of itsmolecular diagnostics sales channel in Italy and is addingseveral activities in the area of personalized medicine andaccess to a suite of CE-IVD pyrosequencing assays. QIAGEN expectsthis transaction to contribute approximately $1 million in salesfor the remainder of fiscal year 2009 and approx. $5 million forthe full year of 2010.

* In July 2009, QIAGEN signed an agreement to transfer alldistribution rights for the Olerup SSP(r) product line and therelated assets to Olerup International AB, a subsidiary ofLinkMed, a Swedish venture capital company. The Olerup SSP(r)product line includes molecular transplantation testing productsused for DNA HLA typing. QIAGEN will retain rights to all OlerupSSP(r) assays for applications outside transplantation testing,such as in personalized medicine. This divesture allows QIAGEN toincrease its focus on the higher growth applications intransplantation testing such as sequencing-based typing, as wellas the application of such assays in personalized medicine.

* In May 2009, QIAGEN entered into an agreement to supply molecularsample and assay technologies for a new national, PCR-based bloodscreening program for HIV and Hepatitis C (HCV) in Brazil. QIAGENwill provide Bio-Manguinhos, the main provider of vaccines anddiagnostics to the Brazilian Ministry of Health, with asignificant volume of molecular testing solutions - sample andassay technologies, related instrumentation, operational know-howand training. The agreement is expected to run for five years andcontains options for subsequent extensions.

* In the first half of 2009, QIAGEN launched more than 39 newproducts in the area of Sample & Assay Technologies including anovel PAXgene Blood miRNA kit for use in cancer, biomarker andmiRNA research and the QIAamp Circulating Nucleic Acid kit forsample preparation in prenatal or other circulating nucleic acidresearch. In addition QIAGEN launched a number of assaytechnologies including a next generation CE marked mutationprofiling KRAS test as well as a BRAF test for use in cancertreatments and a test for epigenetic methylation analysis basedon pyrosequencing technology. Further new products included asuite of fast multiplex real-time PCR kits for gene expressionanalysis and siRNA validation.Conference Call and Webcast DetailsDetailed information on QIAGEN's business and financial performance will be presented during its conference call on August 11, 2009 at 9:30am ET. The corresponding presentation slides will be available for download on the Company's website at www.qiagen.com/goto/ConferenceCall. A webcast of the conference call will also be available at www.qiagen.com/goto/ConferenceCall.Use of Adjusted ResultsQIAGEN has regularly reported adjusted results to give additional insight into its financial performance as well as considered results on a constant currencies basis. Adjusted results should be considered in addition to the reported results prepared in accordance with generally accepted accounting principles, but should not be considered as a substitute. The Company believes certain items should be excluded from adjusted results when they are outside of its ongoing core operations, vary significantly from period to period, or affect the comparability of results with the Company's competitors and its own prior periods. Reconciliations of reported results to adjusted results are included in the tables accompanying this release.

Atticus was one of the highest flying hedge-fund firms over the last decade, surging from a $6 million grubstake in 1996 to close to about $20 billion under management in late 2007. And it was emblematic of a new breed of aggressive hedge funds, publicly pressuring some companies to make changes. Atticus did less hedging than more traditional hedge funds, and scored huge returns as the markets climbed. But like many of its brethren, Atticus hit hard times in the past year. Atticus is closing down the Atticus Global Fund, which Barakett managed. Atticus will continue to operate, and will manage the $1.2 billion Atticus European Fund.

Deal Journal brings you the letter that Barakett sent to his investors today informing them of the move:

August 11, 2009

Dear Investor in Atticus Global, Ltd. and Atticus Global, LP:

I am writing to inform you of my decision to close the funds I manage, including Atticus Global, Ltd. and Atticus Global, LP (together, the “Atticus Global Fund”). This decision will come as a surprise to most of you, especially given that we have received redemptions of less than 5% of capital and your loyal support over the past 15 years.

I have used the market’s recent strength to begin liquidating a significant amount of our holdings. We currently expect that the portfolio will be fully liquidated by September 30th and that we will be in a position to return approximately 95% of your capital in early October. The balance of investor capital will be returned after the final audit is completed, which should be later this year.

My decision is solely a personal one. After fifteen years of being singularly focused on building and managing Atticus, I believe it is time to reassess my future. I intend to spend more time with my family, pursue my philanthropic interests and establish a family office to manage my own capital and charitable foundation.

Atticus (the management company) will continue to operate, and the Atticus partnership will remain intact. In addition, it is my partner David Slager’s intention to continue to manage the Atticus European Fund.

I founded Atticus in 1995 and launched our first fund in January 1996 with less than $6 million under management. The Atticus Global strategy was launched in December 1996 and has compounded investor’s capital at over 19% net annually since inception.1 I am very proud of the Atticus Global track record and our net returns through July 2009 are shown below:

Atticus Global S&P 500 1 year -13.3% -20.0% 3 year 0.8% -6.2% 5 year 9.3% -0.1% 10 year 13.6% -1.2% Inception 19.3% 3.9% Cumulative 835.3% 62.3% 1 The Atticus Global Fund was formed in April 1999. The statistics set forth in this letter include the period from the inception of the Atticus Global strategy in December 1996 as a managed account.

I am also very proud of Atticus’ overall investment results: from the inception of our first fund in January 1996 through July 2009, funds managed by Atticus have generated almost $7 billion of profits for our investors.

I have been blessed with great investors, partners, employees, and a lot of good luck. I am thankful and sincerely appreciative of the trust and confidence you have placed in me and our organization.

October 17, 2008Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say good-bye.Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, “What I have learned about the hedge fund business is that I hate it.” I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list those deserving thanks know who they are.I will no longer manage money for other people or institutions. I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards. Moreover, I will let others try to amass nine, ten or eleven figure net worths.Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they look forward to their two week vacation in January during which they will likely be glued to their Blackberries or other such devices. What is the point? They will all be forgotten in fifty years anyway. Steve Balmer, Steven Cohen, and Larry Ellison will all be forgotten. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark. Throw the Blackberry away and enjoy life.So this is it. With all due respect, I am dropping out. Please do not expect any type of reply to emails or voicemails within normal time frames or at all. Andy Springer and his company will be handling the dissolution of the fund. And don’t worry about my employees, they were always employed by Mr. Springer’s company and only one (who has been well-rewarded) will lose his job.I have no interest in any deals in which anyone would like me to participate. I truly do not have a strong opinion about any market right now, other than to say that things will continue to get worse for some time, probably years. I am content sitting on the sidelines and waiting. After all, sitting and waiting is how we made money from the subprime debacle. I now have time to repair my health, which was destroyed by the stress I layered onto myself over the past two years, as well as my entire life – where I had to compete for spaces in universities and graduate schools, jobs and assets under management – with those who had all the advantages (rich parents) that I did not. May meritocracy be part of a new form of government, which needs to be established.On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government. Capitalism worked for two hundred years, but times change, and systems become corrupt. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man’s interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft’s near monopoly. I believe there is an answer, but for now the system is clearly broken.Lastly, while I still have an audience, I would like to bring attention to an alternative food and energy source. You won’t see it included in BP’s, “Feel good. We are working on sustainable solutions,” television commercials, nor is it mentioned in ADM’s similar commercials. But hemp has been used for at least 5,000 years for cloth and food, as well as just about everything that is produced from petroleum products. Hemp is not marijuana and vice versa. Hemp is the male plant and it grows like a weed, hence the slang term. The original American flag was made of hemp fiber and our Constitution was printed on paper made of hemp. It was used as recently as World War II by the U.S. Government, and then promptly made illegal after the war was won. At a time when rhetoric is flying about becoming more self-sufficient in terms of energy, why is it illegal to grow this plant in this country? Ah, the female. The evil female plant – marijuana. It gets you high, it makes you laugh, it does not produce a hangover. Unlike alcohol, it does not result in bar fights or wife beating. So, why is this innocuous plant illegal? Is it a gateway drug? No, that would be alcohol, which is so heavily advertised in this country. My only conclusion as to why it is illegal, is that Corporate America, which owns Congress, would rather sell you Paxil, Zoloft, Xanax and other additive drugs, than allow you to grow a plant in your home without some of the profits going into their coffers. This policy is ludicrous. It has surely contributed to our dependency on foreign energy sources. Our policies have other countries literally laughing at our stupidity, most notably Canada, as well as several European nations (both Eastern and Western). You would not know this by paying attention to U.S. media sources though, as they tend not to elaborate on who is laughing at the United States this week. Please people, let’s stop the rhetoric and start thinking about how we can truly become self-sufficient.With that I say good-bye and good luck.All the best,Andrew Lahde